RPC, Inc. (RES) Stock Rating Lowered by Morgan Stanley
RPC, Inc. (NYSE:RES) was downgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a note issued to investors on Tuesday. They currently have a $25.00 target price on the oil and gas company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 9.36% from the stock’s previous close. The analysts noted that the move was a valuation call.
Other analysts also recently issued reports about the company. B. Riley reiterated a “buy” rating on shares of RPC in a research report on Wednesday, November 1st. Cowen and Company lifted their target price on RPC from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, July 27th. Jefferies Group LLC set a $25.00 target price on RPC and gave the stock a “hold” rating in a research report on Thursday, October 26th. TheStreet upgraded RPC from a “c+” rating to a “b” rating in a research report on Wednesday, October 25th. Finally, Zacks Investment Research downgraded RPC from a “buy” rating to a “hold” rating in a research report on Saturday, October 28th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $24.23.
RPC (RES) traded down $0.38 during trading hours on Tuesday, hitting $22.86. The stock had a trading volume of 1,651,500 shares, compared to its average volume of 1,787,299. RPC has a fifty-two week low of $16.63 and a fifty-two week high of $26.45. The company has a market capitalization of $5,033.45, a P/E ratio of 59.59, a price-to-earnings-growth ratio of 1.60 and a beta of 1.16.
RPC (NYSE:RES) last released its earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.03). RPC had a return on equity of 10.31% and a net margin of 6.03%. The business had revenue of $471.00 million for the quarter, compared to the consensus estimate of $474.41 million. During the same quarter last year, the business posted ($0.18) earnings per share. The firm’s revenue for the quarter was up 167.8% compared to the same quarter last year. sell-side analysts predict that RPC will post 0.81 earnings per share for the current fiscal year.
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In related news, Director Amy Rollins Kreisler bought 5,000 shares of the business’s stock in a transaction on Friday, October 27th. The shares were bought at an average price of $23.21 per share, for a total transaction of $116,050.00. Following the completion of the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at $116,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 73.50% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of RES. Alliancebernstein L.P. grew its stake in shares of RPC by 58.4% during the second quarter. Alliancebernstein L.P. now owns 9,040,717 shares of the oil and gas company’s stock worth $182,713,000 after acquiring an additional 3,333,619 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of RPC during the third quarter worth about $47,921,000. Victory Capital Management Inc. grew its stake in shares of RPC by 244.9% during the third quarter. Victory Capital Management Inc. now owns 2,066,941 shares of the oil and gas company’s stock worth $51,239,000 after acquiring an additional 1,467,661 shares during the last quarter. Van ECK Associates Corp purchased a new stake in shares of RPC during the third quarter worth about $36,128,000. Finally, Vanguard Group Inc. grew its stake in shares of RPC by 20.4% during the second quarter. Vanguard Group Inc. now owns 6,076,306 shares of the oil and gas company’s stock worth $122,802,000 after acquiring an additional 1,028,001 shares during the last quarter. Institutional investors and hedge funds own 38.08% of the company’s stock.
RPC Company Profile
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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